THURSDAY, JUNE 29, 1989
FINDINGS WILL ONLY SANCTION AT
"UPON COMPLETION OF THE INQUIRY, THE TRIBUNAL'S BE PUBLISHED IN A REPORT AND PUBLIC CENSURE IS THE PRESENT AVAILABLE AGAINST INSIDER DEALERS.
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"IT IS RECOGNISED THAT MORE EFFECTIVE DETERRENTS ARE REQUIRED,
SECRETARY HAD IN JULY MR IP SAID, POINTING OUT THAT THE FINANCIAL
TRIBUNAL SYSTEM LAST YEAR ANNOUNCED THAT THE PRESENT INSIDER DEALING
SANCTIONS AGAINST WOULD BE RETAINED FOR THE TIME BEING, AND THAT THE INSIDER DEALING WOULD BE INCREASED SUBSTANTIALLY,
WILL
REFERRING TO THE BILL. MR IP SAID: "FOR TIDINESS
ON INSIDER DEALING REFERENCE, THE PROVISIONS SELF-CONTAINED PIECE OF LEGISLATION."
IN ADDITION TO REPRODUCING THE EXISTING
XIIA OF THE SECURITIES ORDINANCE
AND EASE
IN EMBODIED
A
PROVISIONS IN PART COVERING THE CONSTITUTION, POWERS INCORPORATES AND PROCEDURES OF THE INSIDER DEALING TRIBUNAL, THE BILL A NUMBER OF CHANGES TO THE EXISTING PROVISIONS.
THE FOLLOWING ARE SOME OF THE MORE SIGNIFICANT AMENDMENTS:
(A) DEFINITIONS
THE DEFINITION OF 'RELEVANT INFORMATION' IS AMENDED TO MAKE ABOUT A RELEVANT INFORMATION IS INFORMATION IT CLEAR THAT
IT WERE, CORPORATION WHICH IS NOT GENERALLY AVAILABLE BUT, IF
THE PRICE WOULD BE LIKELY TO BRING ABOUT A MATERIAL CHANGE IN OF ANY LISTED SECURITIES OF A CORPORATION.
IS WIDENED. IT NOW THE DEFINITION OF
OF INSIDER DEALING
PERSON WHO CATCHES AS A PRIMARY INSIDER THE OFFEROR, 1.E. THE
BID, AND THE IS CONTEMPLATING OR HAS CONTEMPLATED A TAKEOVER PERSON THE
WHO KNOWINGLY SECONDARY INSIDER TIPPEE, I.E.
AND MAKES USE OF INSIDE RECEIVES, DIRECTLY OR INFORMATION,
INDIRECTLY,
OF A RELATED
TO ANOTHER
DEAL OR PROMOTING DEALS
SECURITIES THE IT ALSO CATCHES DEALING IN CORPORATION:
OR COUNSELLING PROCURING DISCLOSING INSIDE INFORMATION TO ANOTHER; AND
ON AN OVERSEAS STOCK EXCHANGE. MOREOVER, THE DEFINITION ADDS
BOTH PERSON, NEW REQUIREMENT THAT
A
MUST KNOW THAT HE 19 IN
A
PRIMARY POSSESSION
AND
SECONDARY OF INSIDE
INSIDER, INFORMATION.
(B)
SANCTIONS
THE INSIDER DEALING TRIBUNAL IS EMPOWERED TO
I)
IN THE
INSIDER OF, OR FROM PART IN THE
DISQUALIFY A PERSON FOUND TO BE INVOLVED DEALING UNDER INQUIRY FROM THE DIRECTORSHIP IN ANY WAY BEING CONCERNED OR TAKING MANGEMENT OF, ANY COMPANY, PUBLIC OR PRIVATE FOR A THE COURT'S OF UP TO FIVE YEARS, I.E. SIMILAR TO UNDER SECTION 157E OF THE COMPANIES ORDINANCE;
PERIOD POWERS
/II)
REQUIRE THE
T